ARC FUNDS LIMITED — Capital/Financing Update 2009

Feb 17, 2009

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REVISED TIMETABLE FOR 2 -3 NON RENOUNCEABLE RIGHTS ISSUE

To ensure the record and other timetable dates fall within ASX Listing Rules, Tidewater Investments Limited (“the Company”) has made a small revision to the record date of the 2-3 non renounceable rights issue announced on 17 February 2009. The full revised timetable is as follows:

Announcement of Offer	17 February 2009
Offer Document lodged with ASIC and ASX	17 February 2009
Record date to determine entitlements under the Offer	26 February 2009
Offer Document and Acceptance Forms sent out to shareholders	By 3 March 2009
Closing date for lodgement of completed Acceptance Forms	24 March 2009
Securities quoted on a deferred settlement basis	25 March 2009
Allotment of New Shares	31 March 2009
Dispatch of new holding statements	1 April 2009
Normal trading in New Shares commences on ASX	2 April 2009

Yours faithfully

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Andrew Brown Director

Tidewater Investments Limited

phone: (02) 8258 0000

ABN 52 001 746 710

Level 4, 34 Hunter Street SYDNEY NSW 2000 GPO Box 4870 SYDNEY NSW 2001

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Tidewater Investments Limited ABN 52 001 746 710

phone: (02) 8258 0000

Level 4, 34 Hunter Street SYDNEY NSW 2000 GPO Box 4870 SYDNEY NSW 2001

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Yours faithfully

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Andrew Brown Director